2014 FHA loan

FHA minimum credit score is 530. New FHA policy requires a minimum
credit of 530 to buy a home or refinance. In the old days FHA did not
require any credit score. These changes went in to effect in 2010.

To buy a home you will need a minimum credit score of 530.

Borrowers with credit score above 580 require a 3.5% down
payment. The funds can be the borrower's own funds or a gift from a family member. FHA allows the seller to up to 6% of the purchase price for your closing cost.

If you have credit scores below 580 new FHA changes require a 10%
down payment. All funds can be the borrower's own funds or a gift from a family member. FHA allows the seller to up to 6% of the purchase price for your closing cost.

Borrowers with a credit score above 580 can refinance up to a
97.5% loan-to-value on a rate and term refinance. And up to 85% cash out
refinance with a credit score above 580.

If you have credit score below 580 new FHA changes require a
maximum loan-to-value of 90% for a rate and term refinance. And up to
75% cash out refinance with credit score below 580.

Most lenders require a minimum credit score of 640 for a
2014 FHA loan.
Whether you're planing to buy your first home, refinance, lower your
monthly payments, buy a second home, consolidate debt or get
pre-approved for a mortgage. A perfect credit score is not needed for an
FHA loan approval.

In fact, even if you have had credit problems, such as a
bankruptcy, it's easier for you to qualify for an FHA loan than a for a
conventional loan. Credit scores down to 530 are accepted if there are
compensating factors that offset the credit risk.

Mortgage World Home Loans is
an online mortgage company specializing in FHA loans for first time
home buyers. To buy a home with 3.5% down payment and a minimum
credit score of 580 using an FHA loan, apply now.

We look forward to working with you.

Mortgage World Home Loans of New Jersey, LLC is not an agency of the state or federal government and is not affiliated with the Federal Housing Administration.
Nationwide Mortgage Licensing System ID 1214053
All loans arranged with third-party providers
New Jersey Residential Mortgage Broker
Florida License Number - MBR 1608
2191 Jones Road
Fort Lee, NJ 07024
888.958.5382